SEAW - Seawell Acquires Universal Wireline for USD 25.5 Million
(Thomson Reuters ONE) -
The acquisition will expand Seawell's Cased Hole Wireline and Slickline service
offering in the United States.
Hamilton, Bermuda (January 27, 2011)
Seawell Limited (OSE: SEAW) today announced the acquisition of Universal
Wireline from Patterson-UTI for USD 25.5 million on a debt and cash free basis.
Seawell used existing cash reserves to complete the acquisition.
Universal Wireline will be merged with recently acquired Gray Wireline expanding
the capabilities of the largest pure play cased hole wireline company in the
U.S. The combined companies will command one of the youngest fleets in the
industry with a total of 136 wireline units and 6 offshore skids. Gray's 23
operating districts cover over 85% of all active U.S. drilling rigs and generate
a balanced revenue stream from liquids and gas. The company is a leading
provider of a full range of cased-hole wireline services in unconventional plays
such as the Barnett, Marcellus, Haynesville, Bakken, Eagle Ford and Woodford
shales and in the Permian Basin.
The Universal acquisition contributes 26 wireline units -- including 22 Artex
built hydraulic units with an average age of less than 3 years and 4 mechanical
units specific to work in Appalachia; 17 crane trucks with an average age of
less than 3 years; and a wide assortment of logging and wireline tools.
Universal also expands Gray's area of operation by adding new districts in
Rosharon and Alice in Texas; Dunbar and Buckhannon in West Virginia; and Tioga,
in North Dakota.
Seawell's Chairman, Jorgen Rasmussen, said: "We are pleased to welcome
Universals employees to Seawell. Gray Wireline and Universal have a strong and
talented team for the U.S. cased hole wireline market. We look forward to
servicing Universal's customers and to introduce our latest technology in
production logging to them. Universal adds five districts strategically located
to serve customers in the shale markets. "
Gray Wireline's President, Mark Harris, added: "Gray is now ideally positioned
to leverage the immediate opportunities in the U.S. market. The combination of
Gray and Universal strengthens our employee and equipment base, and the
commitment to our customers."
Alpha Corporate Finance acted as Seawell's financial advisors. Seawell's legal
advisors are Skadden, Arps, Slate, Meagher & Flom LLP.
Contacts for Seawell:
Jorgen Rasmussen +47 51 30 80 00
Thorleif Egeli +47 51 30 80 00
http://www.seawellcorp.com
http://www.graywireline.com
About Seawell Limited
"For the life of your well" -- Seawell combines radical technology with the
experience and skills of exceptional people to deliver a compelling range of
products and services throughout the life of the well. Our specialist in
Drilling, Engineering and Well services are focused on delivering wells safely
and efficiently, securing well integrity and enhancing well performance: each
service contributes to extending the productive life of your vital assets.
Underpinning this activity is a deep commitment to continuous improvement; of
the people, processes and technology that enable the quality of service we
provide. And to innovation; to develop the solutions and technologies needed to
overcome the challenges faced by our customers. In all we do, safety is
paramount. The safety of people and the environment. Now and in the future.
Seawell is listed on the Oslo Stock Exchange with ticker symbol SEAW.
This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Seawell via Thomson Reuters ONE
[HUG#1483029]
Unternehmensinformation / Kurzprofil:
Datum: 27.01.2011 - 22:24 Uhr
Sprache: Deutsch
News-ID 50808
Anzahl Zeichen: 4708
contact information:
Town:
Stavanger
Kategorie:
Business News
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"SEAW - Seawell Acquires Universal Wireline for USD 25.5 Million"
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